Q1 Results

Q1 Updates

Q2 Guidance

Q1 delivered high peaks that showed both the strength and resilience of rideshare demand as we delivered double-digit rides growth around peak events like Valentine's Day, Super Bowl, and St. Patrick's Day. And in March, we delivered our highest number of rides in a week. Ever.

The start of the year is historically a cyclical low for our business driven by natural seasonality. During this Q1, we experienced numerous weather events that affected more than half of Americans, impacting our business not just during the storms but for days after as we worked to rebalance the market.

Going forward, we are forecasting an acceleration across the business, which is typical as we head into Q2. Partnerships, product innovation, and operational excellence will continue to bring in new riders, more rides, and drive frequency. At the same time, we're diversifying: in new geographies, into more premium options, with Lyft Ads, and finally, with autonomous vehicles.

Our position in the U.S. rideshare market has grown from three years ago, and held above that point ever since, with an increase sequentially compared to Q4. As news headlines ebb and flow, drivers and riders continue to turn to Lyft as a staple in their lives, to get to the office, home from the airport, or across town for a doctor's appointment.

There are more rides to be given, and we're focusing on areas with the most opportunity, such as older adults through Lyft Silver, teenagers through Lyft Teen, and lower scale markets across the U.S.

In Q1 after the winter storm Hernando, demand rebounded nicely. We were tracking the storm and ready: we invested early to support drivers getting back on the roads so that the moment conditions cleared, our riders could get back to their lives and out in the world.

The rideshare industry remains underpenetrated and strong Active Riders growth means more people are choosing Lyft, and are increasingly seeing that it's the affordable option. Take your morning commute. The value proposition is straightforward: you could buy a vehicle for $50,000, with an average monthly payment of $760, not to mention gas, insurance, maintenance, and drive yourself to work. Or you could take a Lyft and use the time for something better. Riders rely on Lyft millions of times a day, every day, with commute rides a Q1 record, and representing a large and growing portion of our business.

When people do turn to rideshare, we've been reminding them to check both apps. The savvy rider who does this before requesting a ride might find by choosing Lyft, they'll be picked up faster and save money. A study by the National Bureau of Economic Research highlights the cost of being on autopilot: a NYC rider taking 100 rides in 2024 would have saved an estimated $177 that year by checking both apps. When we say Check Lyft, this is what we mean. More people checking both means more rides with Lyft.

Drivers play a big role in Lyft's growth, with driver hours a Q1 record and pickup times continuing to get faster year over year. When dual-app drivers were asked in our most recent survey which rideshare app they prefer, 58% answered Lyft, a 38-percentage point advantage to the other guys, with drivers citing earnings transparency, rewards, and friendlier riders with Lyft.

Intangible advantages like trust and preference are built over a long period of time. Lyft invests in drivers because they are at the heart of Lyft. A happy driver is a loyal driver, and loyal drivers are what makes Lyft stronger. This will matter for years and years to come.

In Q1, we showed that commitment. When fuel prices spiked, we were the first rideshare company to launch a relief program in the U.S. We want drivers to choose Lyft because they feel like the platform works for them, not against them. Programs like this are some of the best investments we could make.

Nearly 27% of Rides in North America are linked to a partnership, an all-time high, and we keep finding new ways to deepen every one of these relationships.

Taking a flight? The average rental car pickup takes 22+ minutes while the average Lyft pickup at major airports is just seven minutes. It's no wonder airport rides have steadily grown year over year, and it was an easy choice to enhance our United Airlines collaboration. Since we launched in November, Lyft riders have earned almost 300 million MileagePlus miles to date. Now, with the pay with miles feature, they can spend them too, on any ride. It's an industry first, only on Lyft.

Our DoorDash partnership is now available to riders in Canada, offering the same perks that have made this one of our most popular partnerships. These are busy riders: data shows that riders who link their Lyft and DashPass accounts take the highest number of rides per month of any partner. DoorDash-linked rides also hit a quarterly all-time high in Q1, with opportunity ahead for even more momentum in Canada. This expansion is proof that our partnerships scale as we do. More markets plus the right partners means more riders taking more rides.

These are just two, but we're proud to have many standout partners. What's important is that these are not one-time campaigns. And now as a global company, we can take what works in one place and roll it out in others.

In the past year, Lyft became truly international. First, launching in new markets in Canada, where Lyft is thriving: riders took nearly 50% more Rides than Q1 last year, while driver hours went up about 30%. That's momentum, but it was also our proof of concept for more. We then acquired Freenow, bringing us to nine countries in Europe, and launched in Puerto Rico, and acquired TBR.

This week, we closed our acquisition of Gett's UK business, adding to our growth and profitability. This is major, as London is the largest taxi and ride-hail market in Europe. Unlike any U.S. city, black cabs are at the core: an iconic fixture of the city. Gett is one of London's leading black cab apps with strong B2B relationships and will nearly double the number of rides on the Lyft platform in London.

Gett also brings years of trusted relationships with major London corporations, historic venues, and public sector organizations, plugging directly into our business travel strategy and recent growth in premium offerings.

Consider what London looks like in the future: black cabs, rideshare (known in Europe as "PHV"), bikes, executive chauffeurs through TBR, and Baidu AVs, all accessible through Lyft. That's a comprehensive ground transportation platform unlike anything that has existed in the city before.

And it's not just London: we're already laying the foundations for better mobility experiences across Europe. We began mapping for Lyft Maps in Barcelona to integrate taxi lanes with other cities to follow soon. This makes a better experience because we will now have faster ETAs and better pickup/drop-off locations. Better for drivers, better for riders, better for cities.

We've been deliberately working on our premium offerings: adding more professional drivers, ensuring vehicles meet expectations, and expanding availability. In response, high-value mode rides were up 35% year over year and delivered margins more than double a standard ride. High-value modes still only represent a single-digit percent of our Rides, so there is still much room to grow.

Our business rewards program is growing, with new rider activations up 30% year over year. Rider engagement is also deepening with rewards-eligible riders taking 25% more Lyft rides per month on average. Data shows that business travelers don't just take work rides: a rider who books with Lyft for a Monday morning airport run is also opening the Lyft app on Friday night. That multiplier effect is real and it's compounding.

TBR is delivering a premium luxury experience on the world's biggest stages. This year alone, the team has serviced the Winter Olympics in Milano Cortina, Super Bowl LX, and London Fashion Week, making this TBR's best Q1 ever. Next, we'll deliver exceptional customer experiences to clients in huge events in London, Budapest, and across North America. The pipeline is real, it's growing, and it's exactly what we planned.

Lyft Ads is nascent but repeat business quarter after quarter shows we're delivering performance, not just impressions.

Self-serve audience extension solutions launched, giving partners the ability to more accurately help advertisers connect with Lyft riders outside the app: across news sites, gaming apps, and television.

We'll continue to experiment with new formats, in app and IRL. Charles Schwab ran an innovative, first-to-market ad format that included a quiz and surprise & delight discount code. In San Francisco, our Gemini collaboration was impossible to miss on thousands of Bay Wheels bikes. Experiences like these will take our platforms to the next level.

The industry conversation around AVs has shifted, away from whether the technology works, and toward who can deploy it. Today, the industry is learning about the complexity of those operations: keeping cars clean, charged, and maintained. What matters is readiness when deployments start to scale. Do we have the demand platform, the fleet management infrastructure, and depot capabilities? Check, check, check.

In Nashville, we welcomed friends (and media) to see what we've been building: construction is underway on an 80,000-square-foot depot purpose-built to service, charge, and maintain Waymo's AVs at scale. We're hiring technicians, operations managers, and fleet coordinators: skilled roles at the frontier of AV transportation.

Our first hire says everything about the kind of company we are: Jonathan has driven on the Lyft platform for more than ten years, and is now our Operations Lead. More than a third of Flexdrive's national workforce are former drivers and of the full-time roles we've filled so far for Nashville, 50% were current or former Lyft drivers. The people who know this industry from the inside out are the ones building its future.

The vehicle itself is just the start of the total cost of an AV fleet. The rest, charging, maintenance, cleaning, depot infrastructure, fleet orchestration, is operations. Most have to pay someone else to do that work. We don't. Flexdrive has spent a decade and built dozens of facilities doing this. Nashville isn't where we're learning how to do this, it's where we are starting to commercialize it.

In London, the first Baidu vehicles have arrived. Londoners will start to see them on the roads, as mapping begins and anticipation builds. The regulatory approval process is underway with the next step from transport authorities expected soon, and the framework we're building has already generated interest from other European countries, thanks to Freenow's strong industry relationships.

Europe may move faster than many expect. Freenow's decade of relationships with local governments, including the close collaboration with London regulators on data frameworks, gives Lyft a structural advantage that would take years to replicate.

In Hamburg, we're laying the groundwork for AVs to come to the city, and our first-mile last-mile pilot kicked off last month. We're already getting great insights into how people could use AVs in an additive, integrated way. On top of that, we are finalizing our vehicle partner for Germany's first public-private AV framework. More on that soon.

What does this mean for drivers and riders? We hope by now that it's clear our hybrid model continues to emphasize the important role of drivers, and is also a more efficient marketplace where AVs can layer in to support as a baseline supply of vehicles, leading to faster pickups. For drivers who want to stay there long-term, we're building pathways for promotion: luxury chauffeur, tiered service levels, and more. A hybrid model, fixed capacity from AVs, elastic capacity from human drivers, is how we are building a business for the next fifteen years.

We delivered double-digit growth across Active Riders, Gross Bookings, and Adjusted EBITDA year over year, generated a record $1.12 billion in free cash flow over the last twelve months, and returned capital to shareholders through our largest quarterly repurchase ever totalling ~$300 million.

Gross Bookings continues to grow in the high-teens, up 19% year over year, to $4.95 billion, driven by improved rate and mix, the addition of Freenow, and higher rideshare volume.

Adjusted EBITDA grew 25% year over year to $133 million.

We continue to generate strong free cash flow, with $1.12 billion over the trailing twelve months. During the quarter, we repurchased approximately $300 million in shares, taking an opportunistic approach to capital return given what we viewed as a dislocation in our share price. For 2026, we expect buybacks at a similar level to 2025, while preserving flexibility to invest in growth opportunities.

The following items inform and impact our outlook:

Q1 was a quarter of both near-term execution and long-term momentum. We delivered double-digit financial growth year over year while advancing our up and out strategy through the Gett UK acquisition, making progress on our Nashville operations as the beginning of our AV future, and opportunistically repurchasing shares.

The foundation we've spent years building is strong and getting stronger. Lyft is competing at a higher level: offering a faster, better, and a more competitively priced experience. We achieved these results in partnership with drivers and riders, best-in-class companies, and world-class technology leaders, and together, we are well-positioned to deliver on what comes next.

We look forward to updating you on our continued progress next quarter.

These prepared remarks and today's earnings call include non-GAAP financial measures. Additional disclosures regarding these non-GAAP measures, including a reconciliation of GAAP to non-GAAP measures, are included in the press release, supplemental slides and our filings with the SEC, each of which is posted to investor.lyft.com. Certain statements in this presentation and on the earnings call are forward-looking statements. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today, except as required by law. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today, our supplemental slides, and in our filings made with the SEC. Lastly, we ask you to review our earnings press release for a detailed financial review and our supplemental slides for additional disclosures that provide context on recent business performance.